PE-backed Navacord buys Benemax Financial Group

Navacord, a portfolio company of Madison Dearborn Partners, has acquired Richmond Hill, Ontario-based Benemax Financial Group, a benefits management company.

Navacord, a portfolio company of Madison Dearborn Partners, has acquired Richmond Hill, Ontario-based Benemax Financial Group, a benefits management company. No financial terms were disclosed. Based in Toronto, Navacord is a commercial insurance brokerage.

PRESS RELEASE

TORONTO, March 24, 2020 – Navacord Corp. is pleased to announce the addition of Benemax Financial Group Inc., effective March 11, 2020.

Since 1989, Benemax Financial Group has provided small and mid-sized firms with professional guidance in the management of employee, executive and shareholder benefits programs, with clients spanning media, healthcare and manufacturing to government agencies. Located in Richmond Hill, Ontario, Benemax will be joining JDIMI Consulting, Navacord’s largest broker partner dedicated to group benefits and retirement consulting.

“Our clients rely on our high level of service and advice, and the additional products and services we can access through JDIMI Consulting and Navacord will allow us to further deepen these relationships while expanding our offering to new clients,” says Mark Goldasic, President of Benemax Financial.

Navacord, one of Canada’s top five commercial insurance brokerages and a leader in risk management services, offers clients holistic group benefits solutions that address both business and employee needs. JDIMI Consulting offers deep expertise and diverse product and sector offerings that include employee benefits, pension and group retirement, and financial planning products and services.

“Mark and his team share Navacord’s approach and philosophy of service excellence,” said Shawn DeSantis, Navacord President and CEO. “As we continue our expansion into the employee benefits and pension market in Canada, we are actively seeking broker partners that combine technical knowledge and industry insight to craft the best group benefits and retirement solutions for our clients.”

About Navacord
Founded in 2014 and headquartered in Toronto, Navacord is one of Canada’s top five commercial insurance brokerages and a leader in risk management services with more than $1 billion in premiums. From commercial and personal insurance to surety, employee benefits and retirement consulting, Navacord leverages national strength and a wealth of resources with the local-touch service of industry-specialized Navacord Broker Partners to deliver the trusted advice, expertise and custom insurance solutions our clients need to face the future with confidence.

With a unique ownership model and value proposition, Navacord is the preferred partner for entrepreneurial insurance brokerages seeking to grow as a part of something bigger, while maintaining their distinct identity and culture.